Earning Presentation for the 4th Quarter and Financial year ended 31st March 2026
EMKAY · price
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Emkay Global reported consolidated revenue of ₹3,963 million for FY26, up 10% YoY, but PAT collapsed 73% to ₹152 million from ₹568 million in FY25. Q4 FY26 saw revenue of ₹1,532 million (99% YoY growth) but PAT of only ₹56 million, down 33% from Q4 FY25. The PMS and AIF business showed strong momentum with AUM growing 30% to ₹15,953 million, while Wealth Management AUM declined 14% to ₹154,583 million. The company executed 5 ECM transactions worth ₹41.8 billion and has a visible deal pipeline of over ₹10,000 million for the next 24 months. Management attributed the profit decline to softer capital market activity, geopolitical uncertainty, and sustained FII outflows affecting SMID names.
The sharp 73% PAT decline despite revenue growth signals significant margin pressure and cost challenges. The stock has underperformed dramatically, falling over 40% versus Sensex flat over the past year. While AUM growth in the asset management business is encouraging, the weak profitability and declining wealth management revenues may continue weighing on investor sentiment near-term.